CenterState Banks, Inc. (CSFL) Expected to Post Earnings of $0.36 Per Share
Analysts expect that CenterState Banks, Inc. (NASDAQ:CSFL) will post $0.36 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for CenterState Banks’ earnings, with the lowest EPS estimate coming in at $0.35 and the highest estimate coming in at $0.36. CenterState Banks posted earnings of $0.32 per share during the same quarter last year, which would indicate a positive year over year growth rate of 12.5%. The company is scheduled to announce its next quarterly earnings results on Tuesday, October 17th.
According to Zacks, analysts expect that CenterState Banks will report full year earnings of $1.43 per share for the current year. For the next year, analysts anticipate that the company will post earnings of $1.66 per share, with EPS estimates ranging from $1.65 to $1.67. Zacks’ EPS calculations are a mean average based on a survey of sell-side research analysts that cover CenterState Banks.
Several research analysts recently issued reports on CSFL shares. BidaskClub raised shares of CenterState Banks from a “sell” rating to a “hold” rating in a report on Friday, June 30th. Zacks Investment Research lowered shares of CenterState Banks from a “buy” rating to a “hold” rating in a research report on Wednesday, June 7th. ValuEngine lowered shares of CenterState Banks from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. Brean Capital started coverage on shares of CenterState Banks in a research report on Tuesday, August 29th. They set a “hold” rating on the stock. Finally, Stephens set a $29.00 price target on shares of CenterState Banks and gave the company a “buy” rating in a research report on Monday, August 14th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $28.50.
Shares of CenterState Banks (CSFL) opened at 25.21 on Tuesday. CenterState Banks has a 12 month low of $17.09 and a 12 month high of $26.94. The stock’s 50 day moving average is $24.54 and its 200-day moving average is $24.89. The company has a market cap of $1.51 billion, a P/E ratio of 20.83 and a beta of 0.60.
CenterState Banks announced that its board has approved a stock buyback plan on Thursday, September 7th that permits the company to buyback 3,000,000 outstanding shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, Director David G. Salyers bought 2,000 shares of the company’s stock in a transaction dated Thursday, September 7th. The shares were acquired at an average price of $22.49 per share, for a total transaction of $44,980.00. Following the completion of the transaction, the director now directly owns 3,000 shares in the company, valued at $67,470. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael F. Ciferri bought 4,500 shares of the company’s stock in a transaction dated Tuesday, September 12th. The stock was bought at an average price of $22.66 per share, for a total transaction of $101,970.00. Following the transaction, the director now owns 307,237 shares of the company’s stock, valued at $6,961,990.42. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 11,100 shares of company stock worth $260,040. 3.65% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in CSFL. BlackRock Inc. grew its position in shares of CenterState Banks by 20,548.4% in the first quarter. BlackRock Inc. now owns 3,504,246 shares of the financial services provider’s stock valued at $90,760,000 after purchasing an additional 3,487,275 shares during the period. Goldman Sachs Group Inc. grew its position in shares of CenterState Banks by 55.6% in the second quarter. Goldman Sachs Group Inc. now owns 2,202,806 shares of the financial services provider’s stock valued at $54,762,000 after purchasing an additional 787,562 shares during the period. Channing Capital Management LLC grew its position in shares of CenterState Banks by 57.2% in the second quarter. Channing Capital Management LLC now owns 1,900,665 shares of the financial services provider’s stock valued at $47,251,000 after purchasing an additional 691,476 shares during the period. Principal Financial Group Inc. grew its position in shares of CenterState Banks by 102.1% in the second quarter. Principal Financial Group Inc. now owns 745,043 shares of the financial services provider’s stock valued at $18,522,000 after purchasing an additional 376,362 shares during the period. Finally, Loomis Sayles & Co. L P acquired a new stake in shares of CenterState Banks in the first quarter valued at about $8,680,000. Institutional investors and hedge funds own 71.51% of the company’s stock.
CenterState Banks Company Profile
CenterState Banks, Inc is a financial holding company, which owns CenterState Bank of Florida, N.A. (CenterState Bank or the Bank). The Company provides a range of consumer and commercial banking services to individuals, businesses and industries. The Company’s segments include commercial and retail banking, correspondent banking and capital markets division, and corporate overhead and administration.
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